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The Supreme Court of India has raised the case of the ban of banks offering services to cryptocurrency companies by the Reserve Bank of India after a month and a half late. The court reportedly asked the government to report on the findings of the committee that it had established to understand the cryptographic space and recommend regulatory measures.
Supreme Court Hearing
The Supreme Court of India had originally planned to hear Sept. 11 queries against the crypto-currency ban imposed by the country's central bank, the Reserve Bank of India (RBI). . After deferring the case on several occasions, the court finally raised it on Thursday, October 25th.
"The question was heard briefly today, so finally, progress has been made in this case," he told Bit News. Bitcoin.com Nischal Shetty, CEO of India's Wazirx Cryptocurrency Exchange Platform. describing:
The Supreme Court asked the government to submit an affidavit regarding the findings of the cryptocurrency committee it had formed. They are supposed to deliver this within two weeks.
The Indian government had previously set up a cryptocurrency committee to understand this space. The Supreme Court asked the government to present the committee's report. "
"We do not know what the committee's report contains at the moment," continued Shetty, adding that the government would present the report to the court so that everyone can see it or that it "n & # 39, informs the court that of what he will do for the cryptocurrency in India ".
"So, despite everything, we can expect much more clarity about cryptography from the government's point of view, which is a good step forward," he concluded.
Committee Chair Subhash Chandra Garg had previously said the Cryptocurrency Guidelines would be ready in September. However, subsequent reports suggest that they will not be finalized until the end of the year.
The crypto space in India
On April 16, the RBI issued its famous circular barring financial institutions under its control from providing services to cryptocurrency companies. Shortly after the publication of the circular, several industry participants filed petitions against the ban, which came into force in July. Subsequently, the banks closed the accounts of the cryptocurrency trading platforms.
Several local stock exchanges have developed their own solutions to circumvent the banking ban, including P2P services with custody. Several of them say they are witnessing rapid growth in transaction volumes on their P2P platforms.
Last week, Unocoin, one of the country's leading cryptocurrency trading platforms, launched several INR deposit and withdrawal ATMs. However, the police quickly seized the machine and arrested two of the founders of the company, including the CEO.
Meanwhile, Zebpay suspended its foreign exchange activities in India due to a banking problem on September 28 and continued its operations in Malta. On October 18, Silvio Schembri, Maltese Deputy Minister of Financial Services, Digital Economy and Innovation, tweeted in response to the announcement of Zebpay's move to his country. "Welcome to #Malta.I hope Maltese regulators will start accepting license applications on November 1st."
What do you think of India's Supreme Court asking the government's findings on cryptocurrencies? Share your thoughts on this in the comments below.
Original author: Kevin Helms
Images courtesy of Shutterstock
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